China is one of the largest nickel consumers in the world. Since the beginning of the year, LME three-month nickel has fallen by more than 10%.
Analysts said that if China continues to buy nickel, nickel prices are expected to be supported.
Two sources said that the Chinese military's institutions have begun to buy "self-use" nickel, this year expected to buy about 60,000 tons of nickel from the international market, and will purchase more nickel in the future. According to industry sources, the procurement plan was finalized after the adoption of the defense budget in mid-March, and it is expected that these duty-free imported nickel will arrive in Hong Kong in the first half of the year. The third source said that since the beginning of the year, the State Reserve Bureau has ordered about 30,000 tons of imported nickel, and it is expected to import more nickel, because nickel will be purchased from domestic producers for inventory rotation in the coming months. "This is mainly because the State Reserve Bureau considers that China's nickel resources are insufficient, and at the same time, the price is also a low factor."
In the fourth quarter of last year, it touched 20,000-30,000 tons of nickel imported from the international market.
Another source said that military agencies bought 30,000 tons of nickel in the second half of last year. Since the purchase volume of the National Reserve Bureau is not announced, the industry is not sure whether the two batches of imported nickel were purchased by the State Reserve Bureau last year. However, sources said that the State Reserve Bureau had previously purchased for the military's affiliates.
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